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Moors & Cabot Inc. Has $1.89 Million Stake in Micron Technology, Inc. (NASDAQ:MU)

Micron Technology logo with Computer and Technology background

Key Points

  • Moors & Cabot Inc. increased its stake in Micron Technology, Inc. by 56.3% to a total of 21,725 shares, which were valued at approximately $1.89 million at the end of the quarter.
  • Several institutional investors, including Twin Capital Management and Cim Investment Management, have also raised their positions, indicating strong institutional interest, with 80.84% of Micron's stock owned by institutional investors.
  • Micron Technology recently reported an earnings per share (EPS) of $1.91 for the latest quarter, exceeding analysts' expectations of $1.57, alongside a revenue of $9.30 billion.
  • Five stocks to consider instead of Micron Technology.

Moors & Cabot Inc. boosted its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 56.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,725 shares of the semiconductor manufacturer's stock after purchasing an additional 7,827 shares during the quarter. Moors & Cabot Inc.'s holdings in Micron Technology were worth $1,888,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MU. Twin Capital Management Inc. raised its stake in shares of Micron Technology by 0.5% in the 4th quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock valued at $1,688,000 after buying an additional 108 shares in the last quarter. Cim Investment Management Inc. increased its stake in Micron Technology by 0.5% in the fourth quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock valued at $1,941,000 after acquiring an additional 114 shares during the period. Orca Wealth Management LLC raised its position in Micron Technology by 1.5% in the first quarter. Orca Wealth Management LLC now owns 8,485 shares of the semiconductor manufacturer's stock worth $737,000 after purchasing an additional 129 shares in the last quarter. Sunpointe LLC raised its position in Micron Technology by 4.0% in the first quarter. Sunpointe LLC now owns 3,443 shares of the semiconductor manufacturer's stock worth $300,000 after purchasing an additional 131 shares in the last quarter. Finally, Foundations Investment Advisors LLC lifted its stake in Micron Technology by 2.1% during the first quarter. Foundations Investment Advisors LLC now owns 6,561 shares of the semiconductor manufacturer's stock worth $570,000 after purchasing an additional 138 shares during the period. Institutional investors and hedge funds own 80.84% of the company's stock.

Insider Transactions at Micron Technology

In other news, CFO Mark J. Murphy sold 34,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the transaction, the chief financial officer owned 264,036 shares in the company, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sumit Sadana sold 92,638 shares of Micron Technology stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $125.49, for a total value of $11,625,142.62. Following the sale, the executive vice president directly owned 201,326 shares of the company's stock, valued at approximately $25,264,399.74. The trade was a 31.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 286,042 shares of company stock valued at $34,679,277. Corporate insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MU shares. Piper Sandler raised their price objective on shares of Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. TD Cowen raised their price target on Micron Technology from $125.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Barclays lifted their price objective on Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Morgan Stanley increased their target price on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a report on Thursday, June 26th. Finally, KeyCorp raised their target price on Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Micron Technology has an average rating of "Moderate Buy" and a consensus price target of $146.44.

Get Our Latest Stock Analysis on Micron Technology

Micron Technology Stock Down 3.9%

MU stock opened at $104.88 on Friday. The company has a market cap of $117.37 billion, a price-to-earnings ratio of 18.90 and a beta of 1.37. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $129.85. The business has a 50 day moving average price of $114.36 and a two-hundred day moving average price of $97.99. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The firm had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same quarter last year, the company posted $0.62 earnings per share. Analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, July 7th. Micron Technology's payout ratio is currently 8.29%.

Micron Technology Profile

(Free Report)

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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